Developers officially broke ground Tuesday on a three-tower, mixed-use project alongside the Journal Square PATH station in Jersey City, one of several new projects aimed at revitalizing the once-thriving commercial hub.
The firms, KRE Group and National Real Estate Advisors, plan to build 1,838 rental units and 36,000 square feet of retail and restaurant space at Pavonia and Summit avenues, according to a news release. The 53-story tower that comprises the first phase is scheduled for completion by the end of 2016.
The “Journal Squared” project also calls for a new public plaza that will be built along the Magnolia Avenue entrance to the PATH station. All told, the development is expected to create more than 700 construction and some 20 permanent jobs.
It’s among several projects planned for Jersey City’s historic Journal Square section, amid a push by Mayor Steven Fulop to encourage development beyond the city’s popular waterfront and downtown sections. Part of that push has meant overhauling the local tax abatement system to better reward projects in the city’s interior neighborhoods.
In August, Hopkins Group LLC completed the conversion of a nearby office building to a 56-unit apartment building. And construction at Journal Squared has actually been underway for months, but the developers joined Fulop on Tuesday for an official groundbreaking ceremony.
“While Journal Squared was designed to meet the ever-increasing demand for a desirable urban living experience near public transportation, the broader intent is to complement the existing mass-transportation infrastructure with new residential, retail and open space to create a well-balanced destination that becomes a center point for community life,” Murray Kushner, chairman of The KRE Group, said in a prepared statement. “We successfully executed this formula at our Grove Pointe development across from the Grove Street PATH Station in downtown Jersey City, and believe Journal Squared will achieve similar results, but on a much larger scale.”
The first tower will include 538 units, while the second tower will include 700 units in a 70-story building, the news release said. The third phase calls for 600 apartments in a 60-story tower.
The project has been designed by HWKN and Handel Architects.
“We are excited to be working alongside KRE Group on this transformative new icon for Jersey City,” said Jeff Kanne, president and CEO of National Real Estate Advisors. “We’re also proud that this new development will generate much-needed jobs for the people of New Jersey. We believe this project will spark a renaissance in the Journal Square neighborhood similar to what downtown Jersey City has already experienced, with increased economic activity and numerous new employment opportunities benefiting not only new residents, but the community as a whole.”
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